VOR (ASX) Notes from LAST years AGM

All with great thanks to Mark who posted his notes from last years 2016 AGM.

Very interesting reading now a year down the track.

Originally posted by MarkQ ↑

Fello TSN holders,

Here's what I've gleaned from the AGM this morning - and it was a pleasure to meet Gary Foster:-

(1) A specific value for CX's exiting TSN has an in principal agreement and that they are quite advanced in terms of due diligence and getting an independent valuation. I asked Gary on the timing of the deal and he expected it to be completed in a month. TSN has first options per their agreement with CX.

(ii) He of course couldn't give me an indicative value, ut did highlight that if the redemption was going to be a 75% for a $100M, they wouldn't be interested in the deal. It is going to be no where near this level.

(iii) TSI has $35 M in assets in the balance sheet covering ATM's and other infrastructure.

(iv) 90% of last placement was with Instos, which was important for them to show faith in the business, so that when the next round of capital raising / debt occurs to take the remaining 75% - they are in place to support.

(v) SREI deal is proceeding well. They are 2-3 months away from concluding the balance of the deal - as they want to look at the IRR of the cost plus model and make sure that the terms are right to complete the deal.

(vi) CEO - have had good applications. Awaiting their appointment following completion of the transaction with CX

(vii) Talked about Dual Listing - and that they would meet the necessary requirements for this if they wanted to proceed down this path.

(viii) A consolidation of shares could be possible - when asked this question - but this is a decision of the board

(ix) No reason why in a 2-3yr period that a dividend would become payable with the recurring income stream that they have

(x) Tata are lookign to sell their network of ATM's. These large groups have thrown money at deployment, but don't have the infrastructure (platform for TSN) or depth of experience to manage this space. Growing tendency for Banks now not to deploy their own but through the likes of a managed platform.

These are my top 10 posts and I remain very comfortable with this investment. First AGM I've attended even

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